The technical case study showed better results in bear markets since it predicted some market declines. Its best subtest achieved returns on average 2.2x and in its best 3.5x higher than the benchmark. Its Sharpe Ratio achieved, on average, 4.9x and in its best 9x higher results than the benchmark.
The fundamental case study displayed better performance in the bull market, achieving high market prices. Its best subtest achieved returns on average 2.4x and in its best 3.2x higher than the benchmark. Its Sharpe Ratio achieved, on average, 4.4x and in its best 6.5x higher results than the benchmark.